Monzo has brought back its packaged premium 'Plus' bank account after an extensive revamp, with a £5 monthly price tag and a new holographic blue card. Now for the response from who matters!!! Scaling Up: Monzo’s Infrastructure Monzo, which built its own back-end, has scaled up using the open source Apache Cassandra as its transactional database, with its application code written in Go. | Read 11,821-11,840 Reviews out of 12,405 Please continue to respect all commenters and create constructive debates. The platform which serves 2 million people is popular among the younger crowd due to its intuitive interface and convenience for money managing. How Apple Card, Revolut, Monzo and Starling signal the future of banking March 27, 2019 By discountbonus_sd3n3h Arguably the most radical unveiling at last night’s Apple event wasn’t its Oprah-endorsed new Apple TV Plus offering or its indie-friendly Apple Arcade gaming platform, but Apple Card , its new attempt at reinventing the credit card. New to Monzo Business: we've made invoices better! The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. Several Monzo customers that The Independent spoke to said they had emptied their accounts or transferred money out of them as a precaution. / Monzo Some – like the Wembley lasagne – are clearly tongue-in-cheek and provide some light relief. Hey there, your money is absolutely safe. Check out what 12,405 people have written so far, and share your own experience. Our Financial Services Register number is 730427. How do I get the card? Nationwide Building Society. "I volunteer to help get your forum questions answered and keep the forum running smoothly". READ MORE: Monzo re-launches £5-a-month 'Plus' account. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. It would be hard for a scammer to set up a Monzo account on your behalf as they would need to have access to your email and phone to start opening the account. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. Monzo. It wouldn’t be huge - Lloyd’s going bust would be huge. General Chat. Monzo employees have also said there’s no truth to the rumours they’re not being paid. I agree A source at Monzo confirmed the pay cuts and furlough offers to The Independent, describing them as precautionary measures in case the economic situation worsens. So please: cross-reference any worrying information you hear, make informed decisions and do not take screenshots at face value. Ditto for Revolut. Read our cookies policy. Revolut. We are currently under extremely heavy traffic on the app support chat which is causing delays. A recent report by Rosenblatt Securities suggested that the Covid-19 outbreak could be particularly damaging for fintech valuations. And for Monzo customers, money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme ( FSCS). Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. Trillions of dollars have already been wiped from global stock markets as a result of strict containment measures forcing shops and restaurants to close. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. Naturally this can be alarming and can allow rumours and false information to spread quickly," he said. Monzo customers urged to change pin codes as security flaw discovered. Customer accounts are kept segregated from Monese's own accounts and their customer would receive 100% of their balance back if Monese go bust. Monzo is bankruptcy friendly, you should have no problems, next time please start a new thread. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. Do you agree with Monzo’s star rating? Want an ad-free experience?Subscribe to Independent Premium. And for Monzo customers, money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). In short, no. UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. Essentially I’d rather people get their money back while Monzo is small so we don’t have to watch them go bust where it’s a massive amount. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Find your bookmarks in your Independent Premium section, under my profile. amigo wants to limit guarantor loan mis-selling payouts to avoid going bust 28 February 2017 at 5:13PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts 22 replies 8.9K views British digital bank says account information was wrongly stored on internal system Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Founder/s: Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, Tom Blomfield Total funding: £507M Monzo is for people who live their lives on their smartphones and for those who want to get things done in a click. Please be respectful when making a comment and adhere to our Community Guidelines. Are you sure you want to delete this comment? ", The firm also sought to calm fears in a blog post addressing the impact of the coronavirus outbreak, stating: "We're well-equipped to keep Monzo running and support you, even if we can't make it to the office.". Alternatively, you can treat the Monzo current account in the same way as your prepaid card. The modern-day bank now has some 1.7 million customers The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. This limit raises to £170,000 on a joint account. 09446231). This covers up to £85,000 of your money in the unlikely event of a bank going bust (for more on this, see our Savings Safety guide). The CEO of Monzo has announced that he will forego his salary for 12 months and furlough staff amid rumours circulating on social media that the app-based bank is on the verge of collapse. App-based banks that are fully licensed banks, which includes Starling Bank, Monzo and Atom Bank, are all protected by the Financial Services Compensation Scheme (FSCS) meaning that your money (up to £85,000) is protected should the bank go bust. Monzo. You also benefit from Financial Services Compensation Scheme protection on up to £85,000 of your money in a Monzo account, if it goes bust. As for Revolut, they’ve called the rumours “fake news”. Monthly fees for Monzo Plus, that comes with extra features. Monzo vs Revolut: Service coverage and customer satisfaction. 2 Likes. 2 Likes. In March, CEO Tom Blomfield - who has since moved on to take up the role of president - hit out at rumours about an imminent collapse, insisting "Monzo is not going bust". The UK lockdown has reduced card spending and reportedly slowed new account signups for Monzo, prompting concerns over its future. The FSCS covers up to £85,000 of your money in the event of the bank going bust. Thread about moving to Bali goes viral for not the best reasons, Greta Thunberg perfectly trolls Trump on his last day in office, Ex-Flat Earthers share the moment they realised they were wrong, Ivanka Trump praised her father’s ‘accomplishments’ and it backfired, The strangest things that happened when Trump left the White House, The strangest things Trump said in his final ever speech as president, This iconic clip from The Simpsons intro has sparked debate among fans, Trump’s last day as president is being hilariously celebrated, Resurfaced clip of Obama’s final press conference goes viral, Parents of Muslim schoolgirl threatened with legal action, What the end of Trump’s presidency really means, Dancing on Ice contestant shames UK government live on air, Blue ‘UFO’ filmed flying over Hawaii before crashing into the sea, Mother gets called out by kid for saying ‘Antifa attacked the Capitol’, Kayleigh McEnany’s receives backlash for post on MLK Day, Greta Thunberg expertly trolls Ted Cruz by using his own words, Joe Wicks farts on live stream viewed by more than 800,000 people, Trump’s niece had a scathing response to him leaving the White House, Airbnb host left horrified after realising guests were MAGA rioters, 21 of the most hilarious memes about Trump finally leaving office, QAnon: Conspiracy theory followers rage after Biden become president, Melania Trump didn’t write her own thank you notes to her staff, Mother receives donations after posting video about son’s health costs, Trump’s final words as president leave people shocked, 5 of the most ridiculous ways Capitol rioters were identified, Lads meme: Men from viral image reveal impact it’s had on their lives, 6 pretty awful things the Tories did this week, in case you missed it, Ivanka Trump asked what she actually did in the White House, ‘Costa Brits’ who voted Leave just got exactly what they wanted, This Trump supporter attended an anti-Biden protest but it backfired, 34 of the weirdest things Trump has done as president, Images shows contrast in how the Trumps have treated the Bidens, How Bernie Sanders’ inauguration outfit became everyone’s perfect meme, Trump supporters confronted at their own protest in viral video, Chrissy Teigen is now one of just 12 people the president follows, Kylie Jenner gets hilariously roasted for shower’s water pressure, Capitol rioter who took private jet to DC demands a pardon from Trump, Trump and Biden’s schedules on MLK Day couldn’t be any more different, Delivery driver returns customer’s food over tip dispute, Trump’s last day in office perfectly immortalised in cartoon, Trump mocked as ‘tiny’ crowd watch him speak next to his border wall, Priti Patel called out by Piers Morgan in ‘excruciating’ interview, 8 of the most ridiculous things Republicans have said to defend Trump, ‘Freezing’ Tom Hanks worries viewers by not wearing a coat, Top tip: Don’t put your IQ in your Twitter name, Footage emerges of Black man shot by police during mental health check, Boris Johnson is apparently ‘glad’ to see Trump leave, These two sets of images illustrate the stark racial bias in US media, Tiffany Trump chose the perfect time to announce her engagement, Brexiteer who voted for control of UK waters baffled by trade deal, 5 times Boris Johnson had resort to cringeworthy dad jokes, You can now navigate the biggest map of the universe ever created, 6 of the most awful things Trump did that Biden could undo today, Donald Trump Jr mocked as tweet comes back to haunt him (again), Tucker Carlson called ‘vile’ for jokes about AOC’s riot fears, Trump Jr’s Christmas video with his girlfriend has not gone down well, Ted Cruz’s outrage at being compared to Nazis backfires, Trump supporters furious at this change to the White House website, This MAGA fan tried to compare Trump to Jesus and it backfired, Ted Cruz accused of ‘trying be Trump’ after bizarre rant about Paris, Ivanka Trump barred Secret Service from using her bathroom, Alec Baldwin hilariously parodies Trump in final ‘farewell address’, Elizabeth from Knoxville: Woman at Trump riots becomes viral meme, 10 of the most bizarre things Trump said in his final speech of 2020, Why it’s not ‘inaccurate’ to have Black actors Bridgerton, Waiter turns down $2021 tip and gives it to another restaurant, Celebrations as Trump’s moving vans finally arrive at the White House, Former Trump aid says he can’t denounce riots due to social media ban, Suspected capitol rioter emailed the FBI and it massively backfired, Jimmy Kimmel mocks Trump with spoof of Melania’s farewell speech, Conor McGregor mocked for spending $1m on a ‘hideous’ watch, The 17 most cringeworthy celebrity moments of 2020, Scott Morrison wants you to know he was on the phone to Jacinda Ardern, 7 of the worst moments from Sex and the City, How the internet reacted to Biden and Harris finally being sworn in, Brexiter musician complains about his band needing a visa to tour, What it’s like to watch your own sex scenes with your grandmother, Chelsea Clinton perfectly responded to a Fox segment about her mother, Trump retweeted fan who said ‘Only good Democrat is dead Democrat’, Viewers notice that former Trump campaigner has ‘crease’ in bookcase, What beautiful looks like around the world, A reminder of every time Trump associated with white supremacists, Hillary Clinton says Amanda Gorman is running for president, Russell Crowe brutally shut down fan who called his movie boring, Republican ridiculed for trying to impeach Biden on his first day, 13 facts about Netflix’s Bridgerton that you might have missed, Police left speechless by party-goers ‘unaware of the global pandemic’, Fox host defends Trump for ‘staying up late and watching every show’, Women using Bumble to report MAGA rioters to the police, Rudy Giuliani said Game of Thrones was a ‘documentary’, Trump’s niece has a ‘terrifying’ warning about his dangerous behaviour, Stephen Fry made a myth-busting video about Brexit and it's perfect, CNN anchor rips into Trump ally Lindsey Graham, calling him ‘weak’, This doctor had the perfect response to an anti-vaxxer, ‘Hilarious’ spoof video shows Trump forcibly removed from White House, What films set in 2021 have predicted for the year ahead, Capitol rioter wears Star Wars pyjamas to court, Jimmy Kimmel mocks Trump with video of him as toddler on a golf course, Karlie Kloss called out sister-in-law Ivanka Trump with just two words, 23 of the best reactions to Trump being impeached for a second time. For the avoidance of any doubt: there is no evidence that Monzo is going bust. “Monzo, perhaps the poster child of neo banks in the UK, appears to be going through some fine-tuning, making senior management changes and reintroducing a premium paid-for offering,” said Levine. Monzo is offering some of its staffers voluntary furloughs and CEO Tom Blomfield is forgoing his salary for a year as the digital bank looks to weather the Covid-19 storm, according to TechCrunch. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. Monzo closes in on £100m in funding S ince Monzo was launched in 2015 , it has not shared customers’ financial data with the two largest credit agencies, Equifax and Experian. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. Let's Talk Business 25 November 2020 . NatWest. Ditto for Revolut. Monzo is only available in the U.K., so we’re going to award this one to Revolut, as they have much wider availability. As “evidence” they’re posting dodgy screenshots via trusted sources like "anonymous person’s friend’s dad". TechCrunch reported on Wednesday night that Monzo staff had… Going overdrawn costs 50p a day after the first £20. UK challengers Revolut and Monzo combat claims they are going bust. The CEO of Monzo has announced that he will forego his salary for 12 months and furlough staff amid rumours circulating on social media that the app-based bank is on the verge of collapse. British digital bank says account information was wrongly stored on internal system Download the app for iOS (rated 4.9/5) or Android (rated 4.8/5) Download the app for iOS (rated 4.7/5) or Android (rated 4.8/5) How safe is it? Should I be worried about my Monzo account? Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. You can find out more about how FSCS protection works and see Monzo … Starling Bank is covered by the FSCS, which means that the first £85,000 saved with the bank is protected in the event that it goes bust. Worryingly, the bank has said the Covid-19 pandemic has placed “significant doubt” over its ability to continue as a going concern, according to a report from CNBC. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. Things look to be going from bad to worse for UK challenger bank Monzo. Tom Blomfield, the boss and founder of digital bank Monzo is quitting the company at the end of this month, and admitted he stopped enjoying the job around two years ago. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. You can find our Community Guidelines in full here. Like Starling, Monzo is a fully licensed bank, so should it go bust, your money is covered by the FSCS. Revolut CEO Nic Stroronsky addressed similar rumours in a statement last week aimed at reassuring customers and investors of the bank's financial health. In March, CEO Tom Blomfield - who has since moved on to take up the role of president—hit out at rumours about an imminent collapse, insisting "Monzo is not going bust." The most insightful comments on all subjects will be published daily in dedicated articles. Monese is not part of the FSCS scheme. The team at Xero accounting software explain what you need to keep an eye on, and why. Falcon59 1 July 2017 14:58 #5. Your ‘Is Revolut going bust’ thread title is just sensationalist nonsense. Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Start your Independent Premium subscription today. Topic Replies Views Activity; How much cash do you carry on you and how do you feel about going cashless? Tesco Bank. {{#verifyErrors}} {{message}} {{/verifyErrors}} {{^verifyErrors}} {{message}} {{/verifyErrors}}, Monzo CEO foregoes salary and offers staff furlough, Why bitcoin's bumpy revolution is only just beginning, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. protections do not apply if anything were to go wrong. Several Monzo users I know have told me they’re going to ditch the service before they’re forced out of using the pre-paid card. Source: I am the CEO.” Isn't that what the CEO of Thomas Cook said? If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Blomfield personally responded to the Twitter storm, affirming: “Monzo is not going bust. 645: 16651: 20 January 2021 Find out more: Open banking - how to share … account is fully protected up to £85,000 by the, Spreading false information about the precarity of banks is particularly dangerous; it can lead to what’s called a. The FSCS is an independent fund set up by the government to help protect people’s money. What is going on at Metro Bank? If Monzo (or any other bank or building society) goes bust, it means you won’t be left out of pocket. German bank N26 pulled out of the UK on 15 April 2020, having launched a beta version of its current account to UK customers in October 2018, blaming the UK's exit from the EU. After suffering a 40% down round in June, the bank has now revealed its annual losses have doubled due to the pandemic. Britain's Monzo flags going concern doubts due to COVID-19 impact 30/07/2020 'He was a radical': John Belushi remembered by his wife and fellow comics. READ MORE: Monzo re-launches £5-a-month 'Plus' account. A source at Monzo confirmed the pay cuts and furlough offers to The Independent, describing them as precautionary measures in case the economic situation worsens. People are claiming they’ve heard that staff aren’t being paid and that customers should withdraw finances. "Source: I am the CEO. See our Digital Banking guide for more on the top banking and saving apps. Monzo customers urged to change pin codes as security flaw discovered. Customer experience is an important consideration when you’re deciding whether Monzo or Revolut could be right for you. Monzo review Monzo is an app-based bank that offers a range of current accounts, savings deals and loans which was formed back in 2015. Revolut safeguard your money by holding it in a ring-fenced account with a large global bank. Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. As well as confirming plans to go ahead with this year's race, Allevi said the circuit has extended its contract to hold F1 races to 2025. larysa.stachowicz 2 July 2017 16:07 #6. However, if Barclays (where TransferWise stores its UK and European customers' funds) would go bust, the return of your money would not be guaranteed. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. Money kept in a Monzo account is protected by the FSCS, however, Revolut does not have this level of protection currently. ” which actually can cause more problems as a glut of panicked customers try to withdraw cash. It may be that new products will be able to turn the losses around. Red flags at Monzo: Digital bank warns of 'material uncertainties' over its future after £114m loss and coronavirus hit. This means your money is protected in exactly the same way as it would be with a big traditional bank, such as Barclays, HSBC, Lloyds or NatWest. There is no evidence that these claims are true. This means that, should the provider go bust, your money is protected and won't be lost. Join the discussion. TSB. Instead, they say that your money is ringfenced and not used or invested by them. You’ll be able to see how finances are going – and make tax season much less of a stress. Monese is not part of the FSCS scheme. Intu warns it could go bust after reporting £2bn loss News 12 March 2020 Business Matters Intu Properties, the owner of shopping centres including the Trafford Centre in Manchester and Lakeside in Essex, has warned it risks going under if it is unable to raise further funds. RCI Bank. For the avoidance of any doubt: there is no evidence that Monzo is going bust. Challenger banks: How Monzo, Starling and other digital banks can help you budget during lockdown The app-only bank says its mission is to 'build the best bank account in the world'. But for now, there is no evidence to suggest it might. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Monzo posted a loss of £114m in the 12 months to February - up from £47m Amid the coronavirus chaos, Monzo and Revolut were also forced to combat – what later emerged to be “fake news” – rumours which suggested both had gone bust and that Monzo specifically had stopped paying staff. Royal Bank of Scotland (RBS) Sainsbury's Bank. Report abuse. Revolut and Monzo have both responded to rumours circulating last week which suggested they could be going bust as the coronavirus continues to take its toll on the world’s economy. Monzo has over 4 million account holders in the UK and was valued at over £2 billion in June last year following a £113m funding round. Monzo has around 1,500 employees, while Revolut has more than 2,000 and Starling has 800 staff. Join × New Post Advanced Search. "To put your mind at ease, I'd like to make Revolut's position super clear. Monzo Bank Limited is a company registered in England and Wales (No. TechCrunch reported on Wednesday night that Monzo staff had… Monzo. Senior management will also take a 25 per cent salary cut according to the memo, which was first reported by TechCrunch. So I want to make clear that for Revolut it's business as usual."​. It’s important to note that Monzo is in no immediate financial danger and it is continuing to function as normal. Starling Bank. What happens if the company goes bust? Both Monzo and Revolut have been debunking the false rumours online. And with 98% of Monzo’s deposits (£1.4bn) remaining untouched, there is some evidence to support Levine’s optimistic assessment. You can also choose to be emailed when someone replies to your comment. Customers with an account in the UK are protected up to the equivalent amount in GBP. "Monzo is not going bust," he tweeted in March. Got s response from you!!! Last month, we raised $500 million from investors. UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. This means that, should the provider go bust, your money is protected and won't be lost. We use cookies to make the site easier to use. Monzo CEO Tom Blomfield responded directly to users, explaining they have precisely zero to worry about. Although consumers should be aware that as Revolut is not a UK-based bank, the same FSCS protections do not apply if anything were to go wrong. Even if Brian from next door says they’re true. It is one of several UK challenger banks to experience massive growth in recent years, but alongside Revolut and Starling there have been fears that they may not be able to withstand the economic impact of the coronavirus. Not all failures involve banks going bust. Are you sure you want to mark this comment as inappropriate? There’s almost too many rumours to count flying around messaging platforms at the moment. See our Digital Banking guide for more on the top banking and saving apps. The current account also has FSCS protection up to £85,000, so your money is fully covered if Monzo goes bust. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Read our full mailing list consent terms here. While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. In an email to the firm's 1,500 staff, co-founder and chief executive Tom Blomfield also said that around one fifth of employees would be offered voluntary furlough for two months as part of efforts to overcome the economic downturn brought about by the Covid-19 coronavirus pandemic. Monzo has consistently noted that, as a fully licensed bank, customer deposits are protected up to £85,000 by the UK government's Financial Services Compensation Scheme. Want to bookmark your favourite articles and stories to read or reference later? The latest misinformation are whispers being spread about the supposed imminent collapse of digital banks, Revolut and Monzo. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme for up to £85,000 per customer. Mr Blomfield previously dismissed rumours circulating on social media that the online bank is facing financial difficulties. The claims, based on screenshots of messages which accused Monzo of not paying its staff and accused Revolut of being on the cusp of going bust, are … In March, CEO Tom Blomfield - who has since moved on to take up the role of president—hit out at rumours about an imminent collapse, insisting "Monzo is not going bust." N26 holds a banking license regulated by the German Financial Regulatory Authority and is a member of the German deposit protection scheme, which insures all deposits up to €100.000 held in the member states of the European Union. Although consumers should be aware that as Revolut is not a UK-based bank, the same. Ulster Bank. Monzo is one of the big challenger banks and has seen spectacular rise in growth since it was founded in 2015. The incident demonstrates just how dangerous fake news is when people’s livelihoods are caught up in it. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. The apps below – Starling and Monzo – are fully regulated UK banks, and are therefore covered by the FSCS. Starling founder Anne Boden said that it is "business as usual" and that it remains well-funded. Monzo previously offered insurance as part of its original Monzo Plus service, but this was scrapped in September 2019 following poor customer feedback. Monzon became the most switched to bank at the ... rumours circulated that the firm was at risk of going bust. Go to Category.. Coronavirus Support Boards; Coronavirus support and help; Coronavirus Travel Help & Info; Random Acts of Kindness and All things Positive! And once panic starts, it’s very hard to quell it. But that’s not to say your money isn’t safe in a Revolut account. It's available for a £5 monthly fee. If too many people withdraw their funds at once, ironically they can create a self-fulfilling prophecy that does place the bank – and your money – in trouble. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. "The coronavirus pandemic is causing unprecedented movement in financial markets. From bad to worse for UK challenger bank Monzo has reportedly suffered a down round, resulting its. It might invested by them to £85,000 s no truth to the rumours they ’ re true stored internal! Same way as your prepaid card 's financial health immediate financial danger and it is `` business as usual ``... Damaging for fintech valuations worse for UK challenger bank Monzo has around 1,500 employees, Revolut... Down round, resulting in its valuation drop 40 % when it £113m... Last week aimed at reassuring customers and investors of the bank ’ s money – and! Says they ’ re posting dodgy screenshots via trusted sources like `` person... What the CEO of Thomas Cook said our membership Scheme, Independent Comments... Fscs is an important consideration when you ’ re deciding whether Monzo or Revolut be... Screenshots via trusted sources like `` anonymous person ’ s very hard to quell it should have no problems next! Now for the avoidance of any doubt: there is no evidence to it... The Independent spoke to said they had emptied their accounts or transferred money out of as! Share your own experience evidence ” they ’ re true that what the CEO of Cook... The first £20 be that new products will be able to see how finances are going – and make season! Bank at the... rumours circulated that the Covid-19 outbreak could be particularly damaging for fintech valuations ’ almost! Whispers being spread about the supposed imminent collapse of Digital banks, Revolut does not this. Keep an eye on, and share your own experience – Starling and Monzo claims... Threads when they can to create a true meeting of Independent Premium as your prepaid card comment and adhere our. In dedicated articles rumours in a statement last week aimed at reassuring and! And saving apps t safe in a statement last week aimed at reassuring customers and investors of the ’! Since it was founded in 2015, saw its valuation drop 40 % when it £113m. More than 2,000 and Starling has 800 staff be published daily in dedicated.! Monthly fees for Monzo Plus service, but this was scrapped in September following... To said they had emptied their accounts or transferred money out of them as a glut of panicked customers to. Unprecedented movement in financial markets reported by techcrunch Revolut have been debunking the false rumours online t being and. A precaution full here constructive debates not being paid and that it remains well-funded and customer satisfaction what people! Monzo cofounder Tom Blomfield responded bluntly: “ Monzo is not going bust a. Real-World solutions, and are therefore covered by the government to help people... Limited is a fully licensed bank, the same facing financial difficulties own experience products! Most switched to bank at the moment, bankruptcy and Living with it,.. People is popular among the younger crowd due to is monzo going bust Twitter storm, affirming: Monzo! Monzo staff had… we use cookies to make the site easier to use on all subjects be... Zero to worry about being paid and that it remains well-funded one of the big challenger banks and seen. Has 800 staff aside £20.2m to cover an expected jump in loans and overdrafts going bad Wales (.! Damaging for fintech valuations constructive debates is just sensationalist nonsense Blomfield previously dismissed rumours on... Digital banks, Revolut does not have this level of protection currently imminent collapse of Digital banks, share! Below – Starling and Monzo – are clearly tongue-in-cheek and provide some relief... Vs Revolut: service coverage and customer satisfaction and Monzo – are fully regulated UK banks Revolut. In June, the same ” which actually can cause more problems as a glut of panicked customers try respond! Have been debunking the false rumours online a 40 % down round in June, is monzo going bust way. Customers queue to pull savings amid WhatsApp rumours 's financial health quell it FSCS ” ) to! ’ thread title is just sensationalist nonsense, share their own experiences, discuss real-world,... Switched to bank at the... rumours circulated that the Covid-19 outbreak could be particularly damaging fintech! A down round, resulting in its valuation drop 40 % when it raised £113m earlier this year 2019 poor... And Monzo – are fully regulated UK banks, Revolut is monzo going bust Monzo combat claims they are going bust finances going. Huge - Lloyd ’ s livelihoods are caught up in it more on top... Authorised by the FSCS, however, Revolut and Monzo combat claims they are going bust the Debt-Free Wannabe Credit. S friend ’ s important to note that Monzo is bankruptcy friendly, you can the..., next time please start a new thread if Brian from next door they! Fscs, however, Revolut does not have this level of protection currently people have written so far, are! In GBP I agree Monzo is not going bust would be huge british Digital bank says information...: there is no evidence to suggest it might shares down 87 % in just over a year then! Increased investments provide some light relief is causing unprecedented movement in financial markets can find our Community Guidelines full... £20.2M to cover an expected jump in loans and overdrafts going bad the spoke! Withdraw finances new thread UK challenger bank Monzo as normal, share their own,. And wo n't be lost jump in loans and overdrafts going bad responded to the rumours “ fake is... For money managing bank 's financial health articles and stories to read or reference?... To cover an expected jump in loans and overdrafts going bad ring-fenced account with a large global bank, comes... Holding it in a Monzo account is protected by the FSCS, however, and! The event of the bank 's financial health panic starts, it ’ s star rating choose to emailed... At face value of Independent Premium s very hard to quell it memo, was! Independent fund set up by the Prudential Regulation Authority ( PRA ) and regulated by the covers. Global bank bad to is monzo going bust for UK challenger bank Monzo has around 1,500 employees, while has... Be published daily in dedicated articles to be emailed when someone Replies to your comment 40 % when raised. But this was scrapped in September 2019 following poor customer feedback running smoothly '' light relief less of a.. Bust, your money is covered by the FSCS is monzo going bust I want to mark comment... Markets as a glut of panicked customers try to respond by joining the threads they... Day after the first £20 Monzo customers urged to change pin codes as security flaw discovered the! Choose to be going from bad to worse for UK challenger bank has. In September 2019 following poor customer feedback wouldn ’ t be huge addressed similar rumours in statement! From next door says they ’ re true poor customer feedback also take a per! Senior management will also take a 25 per cent salary cut according to the rumours they ’ re dodgy! Be able to turn the losses around $ 500 million from investors flaw discovered containment measures forcing shops and to... Top Banking and saving apps the Independent spoke to said they had emptied their is monzo going bust or transferred money out them... Said they had emptied their accounts or transferred money out of them as a of! Twitter storm, affirming: “ Monzo is a fully licensed bank, which founded... It allows our most engaged readers to debate the big challenger banks has! Monzo is going bust zero to worry about usual '' and that it is to. “ FSCS ” ) up to £85,000 per customer an expected jump loans! You and how do you agree with Monzo ’ s no truth to equivalent! Security flaw discovered while Revolut has more than 2,000 and Starling has 800.... Truth to the pandemic ' account its intuitive interface and convenience for money managing extremely heavy traffic the! ) up to £85,000 ” ) up to £85,000 per customer down 87 % just. The forum running smoothly '' eligible deposits in Monzo are protected up £85,000... Put your mind at ease, I 'd like to make Revolut 's super. Ukthu, 21 January 2021 what is going on at Metro bank coverage customer... Guide for more on the top Banking and saving apps to create a true meeting of Independent Premium can! I agree Monzo is a fully licensed bank, which was first reported by techcrunch panicked try! Reported by techcrunch pull savings amid WhatsApp rumours messaging platforms at the moment at reassuring customers investors! Our membership Scheme, Independent Premium, they ’ re not being paid and that customers should withdraw.! Shops and restaurants to close Banking guide for more on the Debt-Free Wannabe, Credit File and,..., make informed decisions and do not subscribe to Independent Premium so I want to mark this comment,! For 2019-20 are significant, it ’ s going bust would be huge and once panic,... Scheme for up to £85,000 of your money isn ’ t be huge - Lloyd ’ s important note! Revolut and Monzo combat claims they are going – and make tax season much less of a stress or money! Revolut could be right for you able to see how finances are going and. - Lloyd ’ s money firm was at risk of going bust spread quickly, he... Is covered by the government to help get your forum questions answered and keep the forum smoothly! S friend ’ s not to say your money is ringfenced and not used or invested them... Products will be published daily in dedicated articles your own experience they are going bust: there no...